PPP2 | PPP Forgiveness

by Lynnea Bylund on January 11, 2021

Are your financials ready for the PPP2 filing?   There is less capital in the PPP2 than there was in the first round which was exhausted in 6 days, so being prepared is key.  You can file for PPP2 before filing for forgiveness.  Notice: Paycheck Protection Program resumes January 11, 2021 at 9am ET SBA, in consultation with the U.S. Treasury Department, will open the Paycheck Protection Program loan portal on Monday, January 11, 2021 at 9 am ET. When the PPP loan portal system opens, it will initially accept First Draw PPP loan applications from participating CFIs, which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries. See | SBA PPP2 

Are you ready to begin the PPP forgiveness process? 

Start by contacting your PPP lender and complete the correct form. Your Lender can provide you with either the SBA Form 3508, SBA Form 3508EZ, SBA Form 3508S, or a lender equivalent.  The 3508EZ and the 3508S are shortened versions of the application for borrowers who meet specific requirements.  Compile your documentation for your selected covered period.  Include payroll records during covered period or the alternative payroll covered period, bank account statements that show cash compensation paid to employees, payroll tax forms, receipts, cancelled checks, or statements with employer contributions to employee health insurance and retirement plans.  Non payroll items to include are business mortgage, rent, lease, utility payments. Once you have compiled all of your documentation, you are ready to submit the forgiveness form and attachments directly to your PPP lender.  Stay in communication with your lender! SBA Loan Forgiveness

Happy New Year 2021Stay safe and healthy! Lynnea Bylund

Email us with a request to schedule a call to discuss and we can provide further guidance.

#StayHome #StayStrong #SBA #PPP #EIDG #EIDL #CARESAct  #PPP2 #NVGOED #PETSGRANT #Grateful #ClarkCountyNV #StabilizationGrant 

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NEW PPP bill passed in the House was just passed by the Senate!

Changes | New bill:

Increases the time frame to use PPP from 8 weeks to 24 weeks (optional).

Now requires at least 60% of the loan to be used on payroll to be forgiven.

Extends “safe harbor” date to hire back employees from June 30 to Dec 31.

We will need more interpretive guidance to come out from the Treasury as certain issues have not yet been clarified (such as whether the limits on owner pay still exist, and period uses for the FTE and salary/hourly reduction calculations).

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In light of the developments regarding COVID-19, we would like to first say that our thoughts are with those affected by the virus in the United States and around the globe. As more jurisdictions across the country are closing schools, limiting large gatherings, and taking other measures to create social distance to minimize the spread of COVID-19, our team continues to work remotely. We have robust technology that enables our team to efficiently and effectively perform their work remotely.

Our founder has been working remotely since 1993, a first mover in remote bookkeeping services which inspired the founding of Catalyst QuickBooks Solutions in April 2008.  In the mid-1990s our founder fought on Capitol Hill to redefine the Small Business Administration’s “SBA’ definition of small business as their guidelines excluded an important demographic that collectively represents as a super business power. We continue to monitor the developments of the SBA’s EIDG, EIDL, and PPP programs under the historic CARES Act 2020.  Please email us to schedule a call.  Stay safe and healthy!  #StayHome #StayStrong #SBA #PPP #EIDG #EIDL #CARESAct

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                           Sunrise Mountain | Las Vegas, Nevada | Lynnea Bylund

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How Nonprofits Book In-Kind Donations Correctly

by Lynnea BylundFebruary 24, 2020

Gifts in kind, often called “in-kind donations,” are a type of charitable donation in which, rather than giving cash to a qualifying nonprofit  NGO with which to purchase needed supplies and services, the goods and services are donated directly. In-kind donations are distinguished from cash or stock shares gifts. While some nonprofit observers have debated the advantages of in-kind donations […]

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What is the Chart of Accounts?

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As small business owners we all have different needs. The bookkeeping systems we select may vary, the specific reports that we access to make crucial business decisions may vary, even the frequency of our accounting may be vary.  But at the foundation of it all is what we call a Chart Of Accounts.  And your […]

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by Lynnea BylundMarch 20, 2019

Cash-strapped businesses must make every dollar count. Excess inventory is a drain on resources as is idle unbilled time. Increasingly companies are turning to barter as a way to boost sales by converting excess goods and capacity into something that can be used for business. And they’re doing it while saving precious cash for those […]

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by Lynnea BylundJanuary 12, 2018

Many businesses are effectively endangering their cash flow management by using cash basis accounting as their primary method of tracking their day to day financial dealings.  This can develop into a serious problem. Cash basis accounting doesn’t comply with GAAP principles. Source: www.accountingdepartment.com If you’re surprised to learn that, keep reading. Even though there are […]

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History of Accounting Technologies Infographic

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A new infographic demonstrates the humble beginnings of modern accounting, beginning in 1494 when Luca Pacioli first described an emerging system of debits, credits, journals, and ledgers.  It charts the difference between how accounting was done before accounting software programs and after accounting software programs. VisiCalc and QuickBooks changed the industry immediately upon their introduction. […]

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VegasStrong Business Bookkeeping & Accounting

by Lynnea BylundSeptember 10, 2017

Home..Clients / Reviews..Paperless Office & ‘Green’ Bookkeeping..Blog Catalyst QuickBooks Bookkeeping & Accounting Serving #VegasStrong Businesses… …. and ALL of Southern Nevada. Call us NOW! #VegasStrong Save up to $500 OFF on your small business bookkeeping needs.* *New client entry work ONLY, other restrictions may also apply HUGE savings for new clients! ……. QuickBooks® is THE bookkeeping […]

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Anniversary Catalyst QuickBooks Client Named #23 on INC-500 List

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A very big congratulations to our client Lead Research Group! Lead Research Group Tops the Annual Inc. 500  List of Fastest Growing Private Companies, AGAIN! HUNTINGTON BEACH, Calif.–(BUSINESS WIRE)–Inc. Magazine has named Lead Research Group (LRG), a marketing and advertising agency located in Orange County, Ca., 23rd on its annual list of the fastest growing privately-held companies in the […]

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Financial Project Manager Software Comes Of Age

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Cloud based Financial Project Manager Software applications have enabled businesses to take advantage of software options that in years previously would have costs 1000s of dollars to purchase and load on even a single PC. Take Project Manager Software, for instance… Up until 2006, our options for project manager  applications were few and expensive. Microsoft […]

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Small Business Crystal Ball

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What concerns small business operators above all? Our consultations with them indicate it’s a relative measure of insecurity about what the near future holds. Well, lacking a small business fortune teller, if one existed, here’s a peek at what 2014 might look like, reading our own tea leaves: How About Help from Lawmakers? We expect […]

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Tracking Sales Leads in QuickBooks

by Lynnea BylundOctober 21, 2013

A “Sales Lead” is a new contact that you are in the process of selling products or services to, but who has not yet become a full-fledged client. You must be able to track the prospect’s contact info and a list of steps that should be completed as a part of your sales closure. When […]

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Ten Small Business Legal Questions You Must Ask

by Lynnea BylundOctober 9, 2013

There’s much at stake for your company. Ask your attorney these ten questions so you don’t come up short when it counts. You’re a small company owner, not a business law expert.  Still, you’ll need to be familiar with legal compliance matters, intellectual property regulations, taxes, business liability, and a myriad of other law issues […]

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QuickBooks Tips: Improve QuickBooks Efficiency

by Lynnea BylundSeptember 8, 2013

QuickBooks is a powerful software technology that many small business managers and owners depend on to maintain their books current. But are you really deriving the maximum efficiency from your software investment?  Here are seven tips that will improve QuickBooks efficiency and maximize your optimal use of of the software. Improve QuickBooks Efficiency Tip #1 – Utilize your […]

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3 Key Tips to Small Business Success

by Lynnea BylundAugust 6, 2013

Launching a small business enterprise is always a challenge, but keeping it successful and growing it is the real hurdle. An huge number of new company startups struggle to turn a profit and only a small percentage will persevere to go on to become bigger and more successful. So what steps can small business owners and managers take to […]

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CPA, Accountant or Bookkeeper?

by Lynnea BylundJuly 11, 2013

Late last year a post by Angie Mohr on Intuit’s Small Biz Blog attempted to differentiate between an accountant and a bookkeeper.   It helps to know the difference when you decide what is actually needed. Especially if you want to get good value pricing return on service. “Many times it depends on the industry and […]

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When launching a new business, remember …

by Lynnea BylundJune 10, 2013

Launching a new enterprise is a formidable and hectic time. There is much to be accomplished and limited time to accomplish it. If you intend to have employees, there are a variety of federal and state forms and applications that will need to be completed to get your new business up and running.   Employer […]

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QuickBooks Desktop or QuickBooks Online?

by Lynnea BylundMay 1, 2013

Intuit is really pushing its QuickBooks Online these days, but it isn’t a product that most financial pros are confident with.    For many QuickBooks pros, using QuickBooks Desktop (for Windows, Mac is another story) for years, this is where our comfort zone is.  Intuit keeps attempting to push us out of that comfort zone.   They […]

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